Indivisible, launched by former Merrill executives, adds $1.1 billion RBC team in Baltimore

Indivisible Partners has added a Baltimore-area team that was overseeing about $1.1 billion at RBC Wealth Management, according to an announcement Friday. The RIA, launched in early 2025 by former Merrill Lynch executives, has now taken at least nine practices.

Beth C. Rosenwald, Aleksandra “Leksi” Kovalerchik and Matthew D. Kunkel registered with Indivisible on the same day, according to registration records. They moved with four other team members and are operating as Rosenwald Private Wealth. All three arrived at RBC in 2008.

RBC's U.S. wealth unit, including City National Bank, reported $818.6 billion in client assets as of July, up from $718.4 billion a year earlier, per parent Royal Bank of Canada's quarterly disclosures. The departing team is about 0.1% of that. At Indivisible, which managed about $2.1 billion at the end of April, the same book is roughly half that figure.

Indivisible is based in Clearwater, Florida, and is owned by Forabya, a holding company controlled by former Merrill Lynch Wealth Management head John Thiel, chief financial officer Tom Corra and chief operating officer John Hogarty. Rosenwald said in the announcement that the move to greater independence gives the team “additional flexibility in how we operate and support clients.”

Our September reporting on UBS's hire of two Merrill producers described a 16-year structure paying 550% of revenue, against a $10 million production minimum the pair did not clear.